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Fadali Inc. Finance Committee Meeting April 7, 2005

Fadali Inc. Finance Committee Meeting April 7, 2005. Wheeling Investment Group. Sherry Cassidy Janie Libby Thom Mc Cracken Vince Viviano. Wendy's. History.

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Fadali Inc. Finance Committee Meeting April 7, 2005

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  1. Fadali Inc.Finance Committee Meeting April 7, 2005

  2. Wheeling Investment Group Sherry Cassidy Janie Libby Thom Mc Cracken Vince Viviano

  3. Wendy's

  4. History

  5. 2004 Net Income and EPSNet Income EPSPro forma Net income $238 mil. $2.06Goodwill charge $(186.6)mil. $(1.61)Results reported $52.0 mil $0.45

  6. Sustainable Growth • Earnings per share • Revenues and net income • Five-year growth history • Franchise revenue • 500 new stores

  7. Dividends • $0.24 to $0.48 per share • Increase of 100% in 2004 • 12.5% increase projected for 2005 at $0.54 • 108 consecutive quarterly dividend payments • Darden pays $0.08 per share

  8. Wendy’s 5-Year Stock Growth

  9. Wendy’s Stock Valuation Expected Earnings Growth Rate: 10% 12% 14% x Current Earnings $2.06 $2.06 $2.06 PV of Future Earnings $20.60 $24.72 $28.84 Current Book Value per share $14.83 $14.83 $14.83 Target Price $35.43 $39.55 $43.67

  10. Wendy’s One-Year Stock Estimate(assuming EPS of $2.17 to $2.23)$40.87 to $41.59 5% - 7% increase in one year Plus dividends of $0.54 per share

  11. Financial Flexibility

  12. Innovations • Capital Expenditures • Technological Advancements • New double-sided burger grill • Enhanced menu offerings

  13. Summary

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